Italy: Industrial production contracts again in December
Industrial output contracted 0.8% in December on a month-on-month, seasonally-adjusted basis, following November’s revised 1.7% contraction (previously reported: -1.6% month-on-month). December’s fall came on the back of a sizable contraction in the manufacturing, and electricity, gas, steam and air conditioning sectors. In contrast, mining and quarrying production rebounded. Within the manufacturing sector, the production of pharmaceuticals and textile products registered the sharpest declines, while the production of electrical equipment grew significantly.
On an annual basis, industrial production plummeted 5.5% in December, following November’s 2.6% fall, and marking the worst contraction in close to six years. Meanwhile, annual average growth in industrial output declined to 0.7% in December, from 1.6% in November, the weakest reading in over three years.